B Capital Group, the VC fund founded by Facebook co-founder Eduardo Saverin, has closed out its first fund at $360 million (via Reuters).

B Capital Group, the VC fund founded by Facebook co-founder Eduardo Saverin, has closed out its first fund at $360 million (via Reuters).

The fund, which is intended to invest globally but with a focus in Asia, closed an initial $140M back in 2016. In a letter to “friends of B Capital” which we reviewed at the time, Saverin and fund co-founder Raj Ganguly, wrote that the first close had pulled in nearly 60 percent of its target money.

Turns out that was an underestimation, and the final close makes for a considerably larger first fund.

"While our original plan to invest in 20-25 companies remains unchanged, this allows us to continue supporting our portfolio companies with additional capital," writes Ganguly in a blog post on the close, describing the final figure as "substantially ahead of our target".

B Capital Group, which is backed by The Boston Consulting Group, has a stated focus on technologies transforming large industries -- including healthcare, financial services, industrial goods & transportation and consumer enablement (such as payments).

While Asia is also a key area of interest, the fund has also invested in startups in the US and Europe.